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Testimony Implies Bribes
In IBM Argentina Case

a Wall Street Journal Staff Reporter

Updated Oct. 23, 1996 12:06 a.m. ET

BUENOS AIRES -- Former Argentine Economy Minister Domingo Cavallo said in court testimony that a one-time presidential aide was the beneficial owner of a Swiss bank account holding funds diverted from a $250 million International Business Machines Corp. contract to modernize a state-owned bank.

In a transcript of statements made Monday to federal Judge Adolfo Bagnasco, Mr. Cavallo also said four former directors of state-owned Banco de la Nacion Argentina received funds raked off from the contract, which is the subject of an...